Cardano (ADA) is holding steady at the $0.35 support level despite downward pressure. The cryptocurrency is struggling to gain momentum to break its current downtrend. After a brief market uptick, signs of another correction are emerging. ADA’s price action shows a slightly bearish bias as the broader crypto market faces another downturn.

In a notable shift, ADA has slipped out of the top 10 cryptocurrencies by market cap, now ranking 12th. Newer entrants like Toncoin and Avalanche have overtaken Cardano’s previous position in the top tier. This highlights the volatile nature of crypto markets and rankings.

However, Cardano could be poised for a bullish breakout targeting the key $1 level. This potential 150% surge is catching the attention of ADA investors looking for positive momentum. With the broader crypto market showing signs of recovery despite some turbulence, ADA may be set for a significant rally. Bitcoin’s rise above $62,000 could provide additional tailwinds for major altcoins like Cardano.

At press time, ADA is trading at $0.3496, down 1.49% in the past 24 hours. The price has ranged between $0.3495 and $0.3555. A break above the $0.36 resistance could trigger a reversal and rally towards $0.4. Sustained bullish momentum might even propel ADA to the $1 mark.

On-chain data from Santiment shows ADA’s price has been in a general downtrend since early April, with occasional spikes. However, the percentage of stablecoin supply held by large holders has seen a sharp increase, particularly since mid-September. This surge in whale activity is fueling optimism among investors.

Cardano’s path to $1 depends on breaking key resistance levels and maintaining positive momentum. With potential support from broader crypto market trends, ADA could make a significant push towards this milestone in 2024. Investors should watch for a break above $0.36 as a potential trigger for the next leg up.